Halal economy is witnessing an upward trend as the demand for products from Muslim and non-Muslim countries is on the rise, said a business group head.

The main factors for the halal industry are favourable population demographic, government policies and private sector initiatives, according to Federation of Pakistan Chamber of Commerce and Industry’s United Business Group chairman Shahzad Ali Mali.

He urged the government to encourage the adoption of advanced technologies such as block chain and the internet of things (IoT) while developing halal economy master plans. The halal economy is poised to become more integrated with global trade and supply chains, which would swell to $5 trillion by 2030 from $2.30 trillion a couple of years ago, he told a delegation of industrialists and traders.

The delegation led by Muhammad Umar called on him and discussed areas to enhance halal food production and exports, said a press release.

Mali said the governments are strengthening regulatory and policy support through national master plans and certification scope expansion which would boost the halal industry. Transparency and traceability along the halal products value chain are crucial, he said. To tap growth potentials of halal markets, governments across the world must seek to unify halal standards and accreditation process to help reduce the number of certifications and promote halal commerce.

He urged the Pakistan food manufacturers to collaborate with technology companies for prompt delivery with enhanced trust of consumers the world over. He said halal food authorities in Pakistan must help identify a continuous flow of growth opportunities to succeed.

He said Pakistan must have a share in emerging global markets of halal products and could earn billions of dollars foreign exchange.

Credit : Independent News Pakistan-WealthPk